Did Sylvester Knox Cause You Investment Losses?
Sylvester Knox of Martinsville, New Jersey was fined $10,000 and suspended from association with any FINRA member firm for a period of nine months for allegedly executing unauthorized transactions and exercising discretionary trading in violation of NASD Rule 2510(b) and FINRA Rule 2010. Without admitting or denying the allegations, Knox consented to the sanctions imposed. The suspension is in effect from August 17, 2020, through May 16, 2021.
From August 2000 until February 2017, Sylvester Knox was registered with Merrill Lynch as a General Securities Representative (GSR). According to FINRA, Knox allegedly placed 36 unauthorized transactions in three customers accounts with a principal value of approximately $1.7 million. The findings also alleged that Knox exercised discretionary trading in four different customers’ accounts and effected 36 transactions with a principal value of $2 without seeking or obtaining approval from either the customers or Merrill Lynch to treat the accounts as discretionary. Additionally, Knox is not currently registered or associated with a FINRA member firm and remains subject to FINRA’s jurisdiction.
NASD Rule 2510(b) prohibits registered representatives from exercising discretion in a customer’s account unless the customer has provided prior written authorization and the account has been accepted in writing as a discretionary account by the registered representative’s member firm-employer. A violation of NASD Rule 2510(b) is also a violation of FINRA Rule 2010.
Do You Need A New Jersey Stockbroker Fraud Lawyer?
Are you a New Jersey investor who has suffered significant losses your stock brokerage and investment accounts? Did your New Jersey stockbroker or investment advisor, misrepresent facts about the securities, investments, or strategies they were recommending or otherwise mismanage your investment account? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA arbitration attorney — an attorney who knows FINRA rules and procedures and how to handle these FINRA arbitration cases as well as other complex legal issues.
Free Initial Consultation With Experienced Securities Misrepresentation and Stockbroker Fraud Lawyers Serving New Jersey Residents in FINRA Securities Arbitrations
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.